RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Value Your Profitability

Home Best Practices
By Sherry Chris, President & CEO, Realogy Expansion Brands
January 2, 2020
Reading Time: 3 mins read
Value Your Profitability

Business Graph on Touch Screen

I enjoy success stories; that’s why I love jumping on Entrepreneur Magazine’s site or Fast Company to get inspiration from those who have achieved, especially those who have gone out on their own. It is safe to say that we are living in very interesting times for entrepreneurs.

Real estate is an industry built on entrepreneurs. We are largely responsible for our own success, and our hard work is what drives business. I recently came across an old article that I had bookmarked. It had a great line: “How did we go from a nation of corporate drones to a nation of entrepreneurs?” The article cites many reasons, including the Civil Rights and Women’s movements, changes in lending laws and the boom of franchising opportunities. The internet and social media allowed for small businesses to be on a level playing field with Corporate America and ever-evolving technology allowed for incredible home-office productivity.

Obviously the amazing stories of Steve Jobs, Bill Gates, Mark Zuckerberg and Mark Cuban and his Shark Tank continue to fuel a start-up mentality that sees 543,000 new businesses start a month, according to Yahoo. Today, almost every college offers courses in entrepreneurship, and many even offer a degree.

But this shift also comes at a time where we are surrounded by highly visible, yet unprofitable companies. Uber, Lyft, Peloton and WeWork are the current poster children. In fact, Goldman Sachs recently shared that just 24 percent of companies going public in 2019 will show positive net income for the year.

So why is it that we hear so much about these sparkly, new companies that have yet to turn a profit, and not as much about steady, profitable companies? Think Johnson & Johnson, American Express or FedEx. There is a great deal to be said for long-term stability and profitability.

Over the years, the drivers of profitability in real estate have obviously changed. REAL Trends recently shared their top five:

  • Team productivity
  • eLead program
  • Coaching and training programs
  • Ancillary services
  • Technology platform

Think about how each of these that has changed in the last five years, or even 10. Think about the investment required to be successful. This is why I have so much respect for the successful broker/owners who drive our industry. They have had to run their businesses with ethics and integrity to attract clients and agents, while also taking on financial risk. They constantly navigate changing times, market shifts and rising costs of manpower and technology. They have built firms that have stood the test of time and maintain long-term profitability.

As president and CEO of Realogy Expansion Brands, I always strongly encourage our broker/owners to share their successes and use their profitable status as retention and recruiting vehicles.

Profitability should not be taken for granted. It is a badge to be worn proudly as it showcases stability, market strength, business savviness and so many other positive attributes. Profitability is also an incredibly powerful recruiting and retention tool, especially in highly competitive local markets where upstarts and competitors are sacrificing it with the hopes of building for the future.

Of course, I am not urging broker/owners to wave around their balance sheets, but I do think it is important that they run toward success, and not away from it. Embrace the term “profitable” and utilize it in your marketing and recruiting materials, and make sure your agents know how they benefit from being part of a profitable firm. Profitability allows you to invest in new tools while reinvesting in those that already work. It provides a cushion to test new ideas to be ahead of the curve. Profitability also allows for different ways to grow marketshare. The list of potential advantages is plentiful. Make sure your agents know how to weave the word “profitable” into their listing presentations and farming activities. After all, consumers want to know they are working with a successful firm.

Let your agents feel the pride, and take a moment to congratulate yourself for your entrepreneurial spirit and successes!

Sherry Chris is president and CEO of Realogy Expansion Brands. For more information, please visit www.realogy.com.

Tags: Real Estate BrokerageRealogySherry Chris
ShareTweetShare
Susanne Dwyer

Susanne Dwyer

Related Posts

Thriving in a Recession: Best Practices for Real Estate Team Leaders
Agents

Thriving in a Recession: Best Practices for Real Estate Team Leaders

August 16, 2022
Agents Believe Teams Are Key to Remaining in the Industry: Survey
Agents

Agents Believe Teams Are Key to Remaining in the Industry: Survey

August 16, 2022
Report: Wells Fargo Plans to Shrink Mortgage Business
Agents

Report: Wells Fargo Plans to Shrink Mortgage Business

August 16, 2022
RISMedia’s Newsmakers: Shining a Light on the Industry’s Iconic Leaders
Agents

RISMedia’s Newsmakers: Shining a Light on the Industry’s Iconic Leaders

August 16, 2022
How Does a Broker’s Price Opinion in Real Estate Work?
Agents

How Does a Broker’s Price Opinion in Real Estate Work?

August 16, 2022
Innovator or Imitator: A Deep Dive Into What Makes Compass Tick
Agents

Innovator or Imitator: A Deep Dive Into What Makes Compass Tick

August 15, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

Building With Purpose: Lessons From a Real Estate Power Couple

The Andersons, Alisha and Paul, started their team in Mesa, Arizona, in 2018 and have already risen to the Top... Read more.

Business Tip of the Day provided by
REGISTER NOW

Recent Posts

  • Thriving in a Recession: Best Practices for Real Estate Team Leaders
  • Agents Believe Teams Are Key to Remaining in the Industry: Survey
  • Report: Wells Fargo Plans to Shrink Mortgage Business

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X